The Yield From Money Held Reconsidered

I have chosen the title of my lecture after a famous article by William H. Hutt, "The Yield from Money Held." Like Hutt, I want to attack the following notion that money held in cash balances and deposit accounts is somehow "unproductive," "barren," or "sterile," offering a "yield of nil"; that only consumer goods and producer (investment) goods are productive of human welfare; that the only productive use of money lies in its "circulation," i.e., in its spending on consumer or producer goods; and that the holding, i.e., the not spending, of money diminishes future consumption and production.